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NBE directive requires Banks, MFIs report weekly

Banks and microfinance Institutions are required to report to the National Bank of Ethiopia (NBE), on a weekly basis, to ensure strict compliance to the recently effected directive limiting cash withdrawal from banks in the country, The Reporter learnt.

Gov’t downplays downgraded investment outlook

Moody’s global relative rating of Ethiopia has been downgraded as the public revenue streams dry up. The government has downplayed the recent credit rating siting the global pandemic as the cause for government’s coffers drying up, The Reporter has learnt.

Vehicle heist at Customs’ warehouse

Five vehicles were stolen from the Ethiopian Customs Authority (ECA) Kality Branch a fortnight ago, reliable sources told The Reporter. The vehicles were stored in the Kality warehouse, jointly managed by the ECA and the Ministry of Revenues (MoR).

Gov’t anticipates big payday from privatization

After much speculation surrounding the privatization of Ethio-telecom, a telecom monopoly in Ethiopia, the Ethiopian Telecommunications Authority (ECA) has invited potential bidders to express their interest in acquiring a stake in the state-owned giant, which is projected to fetch billions of dollars to the cash strapped Ethiopian economy.  

Telecom operators invited to express interests in Ethiopia

The Ethiopian Telecommunications Authority (ECA) has started accepting proposals and expressions of interest from telecom operators around the world in anticipation of the opening up of the Ethiopian Telecom sector, which is expected to introduce two more new independent operators in addition to the state-owned monopoly— Ethio Telecom.

Dominos falling: Covid-19 claiming its victims

It is amazing how a seemingly innocuous influenza-like infection first detected in a regular wet market in Wuhan, China, last December has come so far as to having a profound impact on the global community; in less than 6 months, nonetheless.

Hospitality, tourism sectors land 3.3 bln bailout fund

In the midst of cascading events the novel coronavirus pandemic has unleashed, the hospitality and tourism sectors, one of the hardest hit sectors, has been granted a 3.3 billion birr short term financing bailout to aid in working capital shortages and salaries.

Australia, Russia to supply 500,000 MT wheat

For the first time, Australia and Russia have agreed to supply a total of 500,000 metric tons of wheat to Ethiopia for USD 150 million, on a state to state level agreement, in which the majority of the purchase order undertaken by Australia.